The hotel and casino operator surprises by fixing the price above the bottom of the range. Meanwhile, New Century Reit has reduced its IPO by close to 60% and is now seeking to raise $87 million.

Hotel and casino operator Macau Legend Development has raised HK$2.2 billion $283 million from its downsized initial public offering after fixing the price slightly above the bottom of the range at HK$2.35.

The price, which was confirmed by sources, came as a bit of a surprise given that the company had reduced the number of shares on offer by 54% after failing to attract sufficient demand during the initial bookbuilding period.